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CarGurus, Inc. (NASDAQ:CARG) announced their fourth quarter results on February 13, 2020.
During the conference call, management provided a FY2020 revenue guidance to be between $664 - $676 million. The lowered guidance is due to the company’s decision to reduce ad load to improve user experience and enhance marketplace subscriptions.
Mr. Market was merciless and the stock dropped more than 25% on the next trading day. CARG dropped to an all time low and is currently oversold with an RSI of 31 (source: Finviz).